This paper investigates the potential impact of the growing influence of the opinions of credit rating agencies (CRAs) on market dynamics. This impact can be seen as a consequence of the information content of the ratings themselves or indirectly as a consequence of the "hardwiring" of ratings...

In the context of securities clearing and settlement systems, the nature of governance arrangements acquires a dimension that goes beyond their traditional function in corporate law. They constitute a tool for regulators and central banks to achieve their respective policy goals relating to...

After addressing the securitisation of non-performing loans (NPLs) within the broader context of the ECB's efforts to reduce NPL stocks and inflows, we investigate the structural and pricing features of NPL securitisations, issued by large banks in the euro area, by drawing on a unique and...

The European significant risk transfer (SRT) securitisation market is increasingly being used by major EU banks to manage risk and capital, but is not well known. SRT can provide an extra source of capital, flexibly and at a reasonable cost. Despite the bespoke nature of transactions, the SRT...

Der Beitrag behandelt ein zum Teil im nationalsozialistischen ductus gehaltenes Urteil des Reichsgerichts zur sog. "Führerscheinklausel" in der Kraftfahrtversicherung aus dem Jahre 1941. Hintergrund dieses Urteil war eine verbrecherische "Anordnung" von Heinrich Himmler, welche jüdischen...

This paper documents methodology underlying the construction of the integrated data base for our study on "Wer trägt die Steuerlast in Deutschland? - Verteilungswirkungen des deutschen Steuer- und Transfersystems" (Who bears the tax burden in Germany? - Distributional Analyses of the German tax...

This paper makes three contributions to the literature on the effects of collective bargaining on the performance of German establishments. We include the analysis of firms' efficiency and we model productivity and efficiency simultaneously. Confronted with 25 % observations with missing values,...

With SOEP's 2007 data release, a number of changes and additions have been made in the cross-sectional weighting scheme. They apply to the following:. - - Inclusion of refreshment sample H.. - - Classification of West Berlin as belonging to the "new" federal states (of former East Germany).. - -...

Mit der Lieferung der SOEP-Erhebungsdaten 2006 stehen erstmals im SOEP Daten eines verlässlichen Gesundheitsmaßes zur Verfügung, das nicht auf selbstberichteten Angaben beruht. Die in dem Bericht dokumentierten Daten werden in einem speziell aufbereiteten Datenfile im Rahmen eines gültigen...